U.S. exits GM stake, taxpayers lose $10 billion

The U.S. government sold its last shares of automaker General Motors Co (GM) on Monday, marking an end to a historic bailout of one of America’s most storied companies. The sale leaves taxpayers short about $10 billion of the funds that the Treasury sank into the automaker in 2009. “With the final sale of GM stock, this important chapter in our nation’s history is now closed,” Treasury Secretary Jack Lew said. Washington came to the rescue of Detroit during the darkest days of the country’s 2007-09 financial crisis, as the nation was sinking further into what would become its deepest recession since the Great Depression.

    

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